Govt Policy

RBI wants banks to work on IT governance

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The Reserve Bank asked banks to improve information technology (IT) governance and information security (IS) framework to increase their business prospects.
It also asked them to abide by the March 2013 deadline to shift to automated data flow (ADF) that seeks to submit data from banks to RBI without manual intervention. The RBI has also requested banks to take suitable steps in this regard and ensure that the issues relating to governance, information security and business continuity get adequate attention at the Board level.
ADF is the system to ensure submission of correct and consistent data from the banks straight from their systems to the RBI without any manual intervention.
The central bank said better IT governance will help banks in aligning business, create efficiencies, enhance conformity to internationally accepted best practices, enable better control and security.
To strengthen the IT governance in banks, the RBI has also set up an IT sub-committee. Banks at present time increasingly use various IT based solutions to operate business and market interactions. The RBI in its Monetary Policy Statement 2012-13 had also emphasised the importance of implementing IT and IS governance structure in banks.

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